It’s just as important to think about retirement spending as it is to think about retirement saving. Here are 4 time-tested strategies for spending your retirement savings.
"Every individual's needs are different and it's likely that their annual spending will fluctuate throughout retirement," Jaconetti said.Some retirees prefer a dynamic spending strategy, which
For example, say you have a $1 million nest egg. Your maximum annual withdrawal might be 5%, and your minimum could be 2.5%. The withdrawal bucket should have enough to cover your annual expenses for a set period of time. For example, if a retiree needs to take out $50,000 a year, and they want the money to cover five years, the bucket should have at least $250,000. "The withdrawal bucket will typically be invested in low-risk, highly liquid investments such as high-grade bonds and money market funds," Beyrer said.
It'll be important for retirees to strike a balance between the two buckets, to make sure they're not being too conservative or too risky. The strategy can also get complicated fast. "When a retiree knows their withdrawal bucket is secure, it's easier not to panic in the face of bad stock market news," Beyrer said. "It gives retirees peace of mind."tables for individual retirement accounts and 401 plans as guidance on how to spend down all of their savings, including any brokerage accounts or certificates of deposit.
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